Sponge iron prices rallied following the hike in billet prices, however, trade volumes of sponge iron remained average. As per officials, a total of about 3,000 t deals were concluded today by 5-6 sponge iron plants in Raipur at INR 19,700-900/t against the offers of INR 19,900-20,000/t, exw. Sources are assuming that sponge iron prices are likely to remain supported, if billet price hikes further.
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